Is There Such A Thing as The Perfect Vehicle To Insure?
Auto insurance is an necessity for any vehicle owner, but, with the Department of Health and Human Services’ 2017 Annual Insurance Survey revealing that premiums increased by 105% between 2013 and 2017, it’s easy to see why individuals are looking for ways to cut the cost of their policies. While, there are policy amendments you can make to reduce your auto insurance premiums, you may need to take a closer look at the vehicle you drive if you really want to lower the amount you pay.
Make and model
According to Insure.com, 2017’s cheapest vehicle to insure was the Honda Odyssey minivan. A further eight SUV type vehicles, including the Jeep Cherokee Sport and the Honda CR-V, featured in the top 10 cheapest cars to insure. This is great news for parents as an SUV is the perfect family friendly car and with low cost insurance, you can be sure you’ve got yourself a good deal. However, if you’re a young driver or you only make small trips around, you shouldn’t be tempted to ditch your compact car to benefit from lower premiums as you’ll ending up forking out more to fill up with fuel and tax.
Some states charge registration tax based on the current value of a vehicle and, as SUVs are typically more expensive to purchase than a small car, you could be hit with a high tax bill when attempting to reduce your insurance premiums.
Age of the vehicle
A major factor to consider when you’re looking for lower auto insurance rates, is the age of the vehicle you’re insuring. A brand new vehicle will typically be more expensive to get cover for as, if it’s involved in a serious accident which results in it being totaled or if it’s stolen, the insurer will pay out much more than they would if the car was 10 years old. Therefore, you may be better off avoiding a brand new or nearly new vehicle and opting for something a few years older to keep your payments affordable. However, be sure to weigh up the pros and cons as an older car will have sustained more wear and tear and may have higher maintenance costs.
While there may not be just the one perfect vehicle to insure, there are a variety of options available once you consider your needs, your budget and how much you want to spend on insuring it. To keep your premiums down, carefully review the make and model of the vehicle you’re after and look for something a little older to reduce your costs further.
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